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  • Posted by freedomforall 4 years, 4 months ago
    "There Has Not Been a True Home Price Correction"

    Absolutely true, and way overdue.
    WHen it finally happens, local tax rates will have to skyrocket to support the wasteful local bureaucracy.
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    • Posted by  $  4 years, 4 months ago
      A stock market correction is overdue as well. I am worried it will be like 1937. The air has to come out of the balloon some time. Progressives either don't understand that or they like the expanded powers that come with a "crisis".
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  • Posted by CircuitGuy 4 years, 4 months ago
    I don't completely agree with this quote, but it's the most concise explanation of why some people oppose central banks controlling monetary policy.
    "The economy is not a car, and interest rates are not the gas petal. Interest rates play a critical role in aligning output with society’s demand across time. Fiddling with them only creates an ever-growing misalignment between demand and supply across time requiring an ever larger and more painful adjustment."

    I'm of the wishy-washy-sounding opinion that central banks with independence and delayed public disclosure of everything they do can be a good thing. In my adult lifetime (starting around 1991) they've kept nominal wages and prices growing at a predictable 1%-3% and have successfully primed the pump putting unused production capacity to good use during recessions. I say it's wishy-washy b/c I'm open to there being a better system. Many critics of central banks start with absurd claims and from there get more absurd until they reach talk of Jewish conspiracies.

    I like this quote b/c it criticized central monetary policy without the histrionics.
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